Tortoise Energy Infrastructure (NYSE:TYG) Reaches New 12-Month High - Here's What Happened

Tortoise Energy Infrastructure Co. (NYSE:TYG - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $46.60 and last traded at $46.51, with a volume of 72675 shares traded. The stock had previously closed at $45.25.

Tortoise Energy Infrastructure Stock Performance

The business's 50 day simple moving average is $43.63 and its 200-day simple moving average is $39.55.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently announced a -- dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 21st will be issued a $0.365 dividend. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend is Friday, February 21st.

Insider Activity at Tortoise Energy Infrastructure

In related news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 1,500,000 shares of the company's stock, valued at approximately $15,000,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Saba Capital Management, L.P. sold 5,667 shares of the stock in a transaction dated Monday, December 30th. The shares were sold at an average price of $41.61, for a total value of $235,803.87. Following the completion of the transaction, the insider now owns 1,061,234 shares of the company's stock, valued at $44,157,946.74. This represents a 0.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TYG. Advisors Asset Management Inc. raised its position in shares of Tortoise Energy Infrastructure by 12.9% during the third quarter. Advisors Asset Management Inc. now owns 251,075 shares of the financial services provider's stock worth $9,855,000 after acquiring an additional 28,661 shares during the last quarter. Eagle Bluffs Wealth Management LLC lifted its position in shares of Tortoise Energy Infrastructure by 0.8% in the 3rd quarter. Eagle Bluffs Wealth Management LLC now owns 105,903 shares of the financial services provider's stock worth $4,157,000 after purchasing an additional 865 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Tortoise Energy Infrastructure by 604.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 76,567 shares of the financial services provider's stock valued at $3,005,000 after purchasing an additional 65,695 shares during the last quarter. Raymond James & Associates raised its stake in Tortoise Energy Infrastructure by 679.7% during the third quarter. Raymond James & Associates now owns 75,830 shares of the financial services provider's stock worth $2,976,000 after buying an additional 66,104 shares during the last quarter. Finally, De Lisle Partners LLP lifted its holdings in Tortoise Energy Infrastructure by 42.3% in the third quarter. De Lisle Partners LLP now owns 66,093 shares of the financial services provider's stock valued at $2,593,000 after buying an additional 19,644 shares during the period. 32.50% of the stock is owned by institutional investors and hedge funds.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.

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